ASBJ publishes amendments to 'Japan’s Modified International Standards'
11 Apr 2017
The Accounting Standards Board of Japan (ASBJ) has completed the endorsement process of IASB pronouncements as at 30 September 2016 and has updated 'Japan’s Modified International Standards (JMIS)' accordingly.
This endorsement round covered new or amended standards issued by the IASB from 1 January 2014 to 30 September 2016 which become effective by 31 December 2017:
- IFRS 14 Regulatory Deferral Accounts
- Accounting for Acquisitions of Interests in Joint Operations
- Clarification of Acceptable Methods of Depreciation and Amortisation
- Agriculture: Bearer Plants
- Equity Method in Separate Financial Statements
- Annual Improvements to IFRSs 2012-2014 Cycle
- Disclosure Initiative (Amendments to IAS 1)
- Investment Entities: Applying the Consolidation Exception
- Recognition of Deferred Tax Assets for Unrealised Losses
- Disclosure Initiative (Amendments to IAS 7)
Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' issued in September 2016 was not included in this round because the ASBJ concluded that it would be rare that pronouncement would become effective before 31 December 2017 through the use of the overlay approach.
The new or amended standards listed above were endorsed without any ‘deletions or modifications’.
Please click for access to all relevant documents on the ASBJ website (all documents available in the English language).
